文｜号外工作室 2025年8月20日，爱奇艺发布了2025年第二季度未经审计财报，爱奇艺总营收同比下滑11%，更从2024 年同期的盈利状态转为净亏损，核心业务全面承压，新业务尚未形成有效支撑。作为中国长视频行业的 头部企业，爱奇艺最近有点难。 | | IQIYI, INC. | | | | | | --- | --- | --- | --- | --- | --- | | | Condensed Consolidated Statements of Incomel(Loss) | | | | | | | (In RMB thounds, everpt for number of shares and per share data) | | | | | | | Three Months Ended | | | Six Months Ended | | | June 30, | | March 31. | June 30, | June 30, | June 30. | | | 2024 | 2025 | 2025 | 2024 | 2025 | | | RMB | RMB | RMB | RMB | RMB ...

广电新政有望驱动长剧 ROI 回升 ——爱奇艺（IQ.O）25Q2 点评 核心观点 盈利预测与投资建议 ⚫ 广电新政预期将长期对行业产生正面驱动，预期公司 ROI 有望逐渐回升。我们预计 公司 2025~2027 年的 GAAP 归母净利润分别为-3.48/5.33/19.77 亿元（25~27 原预 测值为 3.96/16.47/23.47 亿元，根据财报我们下调收入及毛利率预测，从而调整盈 利预测）。新政或于 26 年产生更大影响，我们切换可比公司 26 年调整后 P/E 均值 31X（汇率 USD/CNY=7.1），给予目标价为 2.37 美金/ADS，维持"买入"评级。 风险提示 内容行业政策监管，版权成本提升，收入增长不及预期，竞争格局变化等风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 31873 | 29225 | 27387 | 28760 | 29875 | | 同比增长 (%) | 9.91% | -8.31% | -6. ...

Financial Performance - Total revenue for Q2 2025 was 6.628 billion yuan (925 million USD), a year-on-year decline of 11% [1][2] - Net loss amounted to 134 million yuan, compared to a profit of 68.7 million yuan in the same period last year [1][2] - Non-GAAP net profit significantly decreased to 14.7 million yuan, down from 246.9 million yuan year-on-year [1] Revenue Breakdown - Membership service revenue fell by 9% to 4.09 billion yuan, reflecting insufficient content output during the quarter [2][3] - Advertising revenue decreased by 13% to 1.27 billion yuan, attributed to adjustments in advertising strategies by some advertisers due to macroeconomic pressures [3] - Content distribution revenue plummeted by 37% to 437 million yuan, primarily due to reduced barter transactions and lower cash transactions [3] Operating Conditions - Operating loss was 46.2 million yuan, contrasting with an operating profit of 342 million yuan in the same quarter last year [1][3] - Operating loss margin was 1%, down from an operating profit margin of 5% year-on-year [1] Cash Flow and Financial Health - Operating cash flow turned into a net outflow of 12.7 million yuan, compared to an inflow of 411 million yuan in the previous year [4] - Free cash flow shifted from a positive 382 million yuan to a negative 341 million yuan [4] - As of the end of June, the company held approximately 5.06 billion yuan in cash and cash equivalents [4] Cost Management - Content costs decreased by 8% to 3.78 billion yuan, aligning with the company's lighter content schedule [4] - Sales, management, and R&D expenses also saw a decline, but the overall reduction was limited [4] Strategic Focus - The company is focusing on innovation and investing in key growth areas such as AI applications, micro-dramas, experiential businesses, and global expansion to drive long-term sustainable success [5] - The CFO emphasized effective resource management and ongoing optimization of the capital structure, with net interest expenses decreasing for seven consecutive quarters [6] Future Outlook - The future performance of the company hinges on the recovery of content output, especially given its leading market share in viewership during the summer [7] - Changes in advertisers' spending willingness due to macroeconomic pressures will continue to impact the company's advertising business [7]